Current casino games come primarily in two fundamental flavors, which most gamblers are familiar, each of which have their own strengths and shortcomings. The first type of casino game is a “1:1 payout game,” which generally offers a player a near 50% chance at winning in exchange for an even-money payout. A pass line bet at craps or a banker bet at baccarat are classic examples of this sort of wager. These games are popular and often attract high rollers who bet large sums of money on each wager, and often require physical mediums (roulette wheels, cards, etc.), dealers, and large amounts of floor space.
The second type of casino game is a “X:1 payout game,” in which a player trades frequent small losses for a tiny chance at a large payout. Slots are the classic example of this sort of game, and gamblers are attracted by the prospect of winning big. Often implemented on electronic mediums, slot machines require relatively little overhead and generate a proportionally large amount of profit per square foot. The average wager at slot machines tends to be much smaller than at 1:1 games, and most players do not expect to win on any given bet. Innovation has been extremely limited in this space, consisting mostly of putting new graphics, themes, and bonus games on top of the same basic game mechanic.
U.S. Patent Application Publication No. 2008/0188289 to Baerlocher discloses a gaming device having a game which requires the same average investment from a player to win an award, including a jackpot award, regardless of the amount that the player bets at any one time. The award can be unchanging, e.g., $10,000, each time a player plays the gaming device. The award can also vary such as with a progressive jackpot i.e., the jackpot builds until a player “hits” the jackpot. The game enables the average investment necessary to win the jackpot to be uniform by varying the odds of winning the jackpot as the player's bet varies. That is, a player betting less money needs to play the game more times, on average, to win the jackpot. Likewise, a player betting more money needs to play the game less times, on average, to win the jackpot. According to Baerlocher, the average overall bet or investment thus remains constant despite the player's betting habits or betting ability.
Gamblers can be impulsive, superstitious, risk-seeking, or risk-averse at various points in time and may not think of a penny saved as being equivalent to a penny earned. Instead, winnings are often called “sugar” or “playing with house money”. The players may also not treat sequential wagers as independent, instead creating a mental link between them. Accordingly, some players are often willing to take larger risks when on a winning streak than they would when starting from square one. In a 1:1 payout game, it is not uncommon for a player to win a wager and then “let it ride”, electing to parlay another roughly 50% chance at winning even more money. When such an endeavor is unsuccessful, the player may mentally consider the sequence, with the perception of only have taken a net loss of the amount of the initial wager. This perception is preferable to the emotional anguish of admitting that they actually won the first wager but then independently made and lost a bigger wager.
This sort of mentality is not limited to gamblers on a casino floor. It can be readily observed in the stock market as well, with investors who have a hard time bringing themselves to sell a stock which is presently below the original purchase price. They may consider only the purchase and sale prices when evaluating the transaction, because internalizing all of the ups and downs in between as actual profit and loss is emotionally taxing. Rather than “locking in a loss”, they tend to wait for the security to rebound to a higher price. They may find this preferable to admitting that the loss has already occurred and then making an independent decision about the future prospects of the investment.
While winning more than 50% of the time would be very attractive to gamblers, doing so in a way that is still profitable to the house or gambling establishment requires “laying odds.” However, many casual players would be uncomfortable with the idea of laying odds because it entails risking far more funds than one stands to win if successful. Also, with a traditional gaming machine such as a slot machine, the house assumes a large degree of variance in the prospect of the player hitting a large jackpot. Though unlikely, a series of large player jackpots in quick succession could put an appreciable dent in house profits. As such, a player “laying odds” in a classical manner could take large losses quickly due to a run of particularly bad luck.
The present invention overcomes these player psychological barriers to laying odds for winning more than 50% of the time while still providing profit opportunities to the gambling establishment. The present invention provides a gaming system and a method for operating a gaming system where a player can be more comfortable with laying odds while winning more than 50% of the time, and the odds of winning actually improve as play is continued. In addition to the benefits of hosting a game with high player appeal, the game mechanic of the present invention offers another advantage to the gaming establishment or house in the form of reduced variance caused by large jackpot payouts.